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What is the difference between a public corporation and a public limited company?

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Differences between public corporation and a public limited company include;

  • Public corporation is formed under the act of parliament while Public limited company is formed under the company‘s act.
  • Public corporation is fully owned by the government while public limited is Owned by private persons who own shares.
  • Public corporation's initial capital is provided by the state or through state guarantees while public limited's Capital obtained through issue of shares, selling of debentures or other loans
  • Public corporation is management appointed by the government (Board of directors)  while public limited directors elected by the shareholders.
  • Public corporation is set – up to offer essential services to the public while public limited is formed to make profit.
  • Public corporation, the profit made rest on the parliament while public limited, the profits rest with the shareholders or creditors.
  • Public corporation performs specific functions and related activities while public limited is Performs various functions.